Abiding by the 2019 advisory by the Income Tax Department, Kotak Mahindra Bank has made it compulsory for each of their customers to link their PAN cards with their bank accounts. This step is very much necessary for a smooth tax refund process. 

The following article is a complete guide to how a customer of Kotak Mahindra Bank can link their PAN card to bank accounts. Scroll down to learn more.

The prerequisites for linking a PAN card to your Kotak Mahindra Bank account are:

• Valid PAN Number: The applicant’s PAN card must be valid and issued by the Income Tax Department of India.

• Valid Mobile Number: The applicant must hold a working mobile number to receive all the updates about the PAN card updation.

• Functional Bank Account: The applicant's bank account must be completely functional before he or she applies for a PAN update. 

The following section elaborates on the various ways of how a PAN card can be linked to Kotak Mahindra Bank account:

Link PAN Card with Kotak Mahindra Bank Account via Internet Banking

Internet banking comes in handy when the customer wants to add a PAN card to his Kotak Mahindra Bank account:

Step 1: Search for the official website of Kotak Mahindra Bank and open it. 

Step 2: Log into the internet banking account using the credentials. 

Step 3: Look for “Profile or Update Contact Details” and select it. 

Step 4: After this, click on “Personal Information”. 

Step 5: Lastly, press “PAN Update” and fill in your 10-digit PAN number in the space provided. 

Step 6: Click on ‘Submit’ and wrap up the process.

Link PAN Card with Kotak Mahindra Bank Account via Mobile Application

Kotak Mahindra Bank also provides the service of a mobile application to its customers through which they can link their PAN cards:  

Step 1: Download the official mobile app of Kotak Mahindra Bank from the Play Store or App Store as per your mobile. 

Step 2: Log into your personalised account using your credentials.

Step 3: Then click on “Profile” and select “PAN Update” from the menu. 

Step 4: Fill in with the necessary details and the 10-digit PAN number. 

Step5: Wrap Up by clicking on “Submit”.

Link PAN Card with Kotak Mahindra Bank Offline (at Branch)

Go through the following steps to add a PAN card to your Kotak Mahindra Bank account:

Step 1: Locate the nearest branch of Kotak Mahindra Bank and visit there. 

Step 2: Approach an employee and ask for PAN Updation or KYC form. Fill it out as per the bank guidelines. 

Step 3: Gather all the required documents and submit them to the bank officials.

Step 4: After verification and further processing, your PAN card will be linked to your bank account within 4 to 5 days. 

There are various benefits of adding a PAN card to your Kotak Mahindra Bank account, which are included in the following section:

Enhanced Security

Adding your PAN card to your Kotak Mahindra Bank account increases its security and facilitates larger transactions easily. It also prevents the risk of money laundering.

Required for Large Transactions

For transactions above ₹50,000, PAN number or Form 60 is mandatory. These documents are required for a smooth and hassle-free procedure.

Faster Tax Refunds

A linked bank account results in a faster tax refund process. Apart from this, it also brings the advantage of the refund being directly credited to the associated bank account.

Monitor Income Tax

The Income Tax Department of India uses your PAN card details to keep track of your expenses and compares them to your income. This is very useful in the case of audits and other tax-related queries.

Easy Tax Filing

Linking your PAN card to your Kotak Mahindra Bank account eases the tax filing process and allows the government to have access to your financial transactions.

Prevent Duplicate Bank Accounts

One PAN card is linked to only one bank account. Hence, linking of PAN Card prevents duplicity of bank accounts, and one person holds only one account in Kotak Mahindra Bank.
 

By adding a PAN card to their bank account, customers fulfil all the bank's regulatory requirements and gain certain financial advantages. All of this will be very advantageous for the customer in the long run.

Remittances

The PAN number is crucial for larger transactions over ₹50,000. Therefore, linking your PAN card with your bank account makes the process hassle-free. 

Linking your PAN card with your ICICI bank account is easy and takes little time. Opt for the convenient method and complete the process quickly to enjoy the advantages.